沪士电子股份有限公司 沪士电子股份有限公司关于投资设立全资污水处理子公司的公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-025 1、公司名称：昆山青淞污水处理有限公司（下称"青淞水务"） 2、公司类型：有限责任公司 3、注册资本：不超过 5,000 万元人民币 关于投资设立全资污水处理子公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资概述 1、为持续深化绿色制造实践，进一步改善区域水环境质量，经沪士电子股份有 限公司（下称"公司"）第八届董事会战略委员会提议，同意投资设立全资污水处 理子公司，建设运营日处理量不超过1.5万吨的污水处理厂，项目总投资预计不超过 1.5亿元人民币，用于处理公司生产过程中产生的各类废水，以确保生产废水能够得 到高效、专业的处理与净化，从而更好地满足环保要求及公司生产运营需求。 2、公司于2025年3月31日召开的第八届董事会第四次会议审议并一致通过《关 于投资设立全资污水处理子公司的议案》，并同意授权管理层具体办理工商注册登 记、资质与证照审批及其他各项必要事务。 3、根据相关规定，上 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 沪士电子股份有限公司（下称"公司"）董事会于2025年3月20日以通讯方 式发出召开公司第八届董事会第四次会议通知。会议于2025年3月31日在公司会 议室以现场结合通讯表决的方式召开，其中陈梅芳女士、林明彦先生、高启全先 生、吴传林先生、王永翠女士以通讯表决方式参加，会议应到董事9人，实到董 事9人，公司监事和高级管理人员列席了会议。公司董事长陈梅芳女士主持本次 会议。本次会议的通知、召开以及参会董事人数均符合《中华人民共和国公司法》 等有关法律法规及《公司章程》的规定。 沪士电子股份有限公司第八届董事会第四次会议决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-024 沪士电子股份有限公司 第八届董事会第四次会议决议公告 1 沪士电子股份有限公司第八届董事会第四次会议决议公告 三、备查文件 沪士电子股份有限公司董事会 二、董事会会议审议情况 会议审议并一致通过如下决议： 1、审议通过《关于投资设立全资污水处理子公司的议案》。 表决结果：同意 9 票；反对 0 票 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company achieved a revenue of 13.342 billion yuan in 2024, representing a year-on-year growth of 49.26%. The net profit attributable to shareholders reached 2.587 billion yuan, up 71.05% year-on-year. The gross margin and net margin for 2024 were 34.54% and 19.24%, respectively, reflecting increases of 3.37 percentage points and 2.58 percentage points year-on-year [2][4]. - The company has established a strong foothold in the high-end PCB market, particularly in the fields of data communication and automotive electronics. The demand for AI servers and high-speed network infrastructure continues to drive the growth of the company's high-layer PCB and high-end HDI products [6][11]. - The enterprise communication segment generated approximately 10.093 billion yuan in revenue, a significant increase of 71.94% year-on-year, with a gross margin improvement of 4.09 percentage points. AI server and HPC-related PCB products accounted for about 29.48% of this segment [11]. - The automotive segment achieved revenue of approximately 2.408 billion yuan, growing by 11.61% year-on-year. Despite challenges such as price competition and raw material price fluctuations, the company is expected to stabilize and grow this segment, potentially opening a second growth avenue [11]. Financial Projections - The company is projected to achieve net profits of 3.567 billion yuan, 4.338 billion yuan, and 5.181 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are expected to be 17.79, 14.63, and 12.25 [6][17].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3] Core Views - The company has experienced strong growth driven by robust demand in AI and high-speed communication sectors, with 2024 revenue reaching 13.34 billion yuan, a year-on-year increase of 49.3%, and a net profit of 2.59 billion yuan, up 71.1% [3][8] - The company plans to distribute a cash dividend of 5 yuan per 10 shares [3] Financial Performance Summary - **Revenue and Profit Growth**: - 2024 revenue: 13.34 billion yuan, up 49.3% YoY - 2024 net profit: 2.59 billion yuan, up 71.1% YoY - PCB business revenue: 12.84 billion yuan, up 49.78% YoY [3][8] - **Profitability Metrics**: - Gross margin for 2024: 34.5%, an increase of 3.37 percentage points YoY - Net margin for 2024: 19.4%, an increase of 2.58 percentage points YoY [8][11] - **Future Projections**: - Expected EPS for 2025-2027: 1.84 yuan, 2.29 yuan, and 2.64 yuan respectively - Corresponding P/E ratios for 2025-2027: 17.7, 14.2, and 12.3 [9][11] Business Segment Performance - **Enterprise Communication Market**: - Revenue for 2024: 10.09 billion yuan, up 71.94% YoY - AI server and HPC-related PCB products account for 29.48% of revenue, while high-speed network products account for 38.56% [8][9] - **Automotive PCB Business**: - Revenue for 2024: 2.41 billion yuan, up 11.6% YoY - Emerging automotive products have increased their revenue share from 25.96% in 2023 to 37.68% in 2024 [9][10] Financial Ratios - **Profitability Ratios**: - 2024 gross margin: 34.5% - 2024 net margin: 19.4% - 2024 ROE: 21.9% [11] - **Debt Ratios**: - 2024 asset-liability ratio: 43.8% - 2024 net debt ratio: 11.9% [11] Market Outlook - The company is well-positioned to benefit from ongoing demand in AI, high-speed communication, and automotive electronics, with expectations for continued revenue growth and margin improvement [8][9]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is experiencing a golden period of performance growth driven by the strong and sustained momentum of AI development, with significant revenue increases in server and network-related businesses [3] - The company is actively deepening its engagement in automotive intelligence and electrification, with steady growth in its automotive business [3] - The company is expected to achieve substantial revenue and profit growth in the coming years, with projected revenues of 168.68 billion, 201.04 billion, and 234.76 billion yuan for 2025E, 2026E, and 2027E respectively [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 133.42 billion yuan, a year-on-year increase of 49.26%, and a net profit attributable to shareholders of 25.87 billion yuan, up 71.05% year-on-year [1][3] - The gross profit margin and net profit margin were 34.64% and 19.24%, respectively, with increases of 3.37 and 2.58 percentage points year-on-year [1][3] - For Q4, the company reported revenue of 43.31 billion yuan, a year-on-year increase of 51.64%, and a net profit of 7.39 billion yuan, up 32.07% year-on-year [1] Business Segments - The enterprise communication market segment generated revenue of 100.93 billion yuan in 2024, reflecting a year-on-year growth of 71.94%, with a gross margin of 38.35% [3] - The automotive segment achieved revenue of approximately 24.08 billion yuan in 2024, a year-on-year increase of about 11.61%, despite challenges such as price competition and raw material price fluctuations [3] Future Outlook - The company is expected to continue benefiting from the AI server and HPC-related PCB products, which are projected to grow at an accelerated pace in 2024 [3] - The automotive business is anticipated to grow rapidly due to improvements in product structure and operational optimization [3] - The company is projected to maintain strong growth momentum, with net profits expected to reach 38.02 billion, 48.14 billion, and 54.09 billion yuan for 2025E, 2026E, and 2027E respectively [3]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is experiencing a golden period of performance growth driven by the strong and sustained momentum of AI development, with significant revenue increases in server and network-related businesses [3] - The company is actively deepening its engagement in automotive intelligence and electrification, showing stable growth in its automotive segment despite challenges [3] - The company is expected to see substantial revenue and profit growth in the coming years, with projected revenues of 168.68 billion, 201.04 billion, and 234.76 billion yuan for 2025E, 2026E, and 2027E respectively, alongside net profits of 38.02 billion, 48.14 billion, and 54.09 billion yuan for the same years [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 133.42 billion yuan, a year-on-year increase of 49.26%, and a net profit of 25.87 billion yuan, up 71.05% year-on-year [1][3] - The gross profit margin and net profit margin were 34.64% and 19.24%, respectively, reflecting increases of 3.37 percentage points and 2.58 percentage points year-on-year [1][3] - For Q4, the company reported revenue of 43.31 billion yuan, a year-on-year increase of 51.64%, and a net profit of 7.39 billion yuan, up 32.07% year-on-year [1] Business Segments - The enterprise communication market segment generated revenue of 100.93 billion yuan in 2024, a year-on-year increase of 71.94%, with a gross margin of 38.35% [3] - The automotive segment achieved revenue of approximately 24.08 billion yuan in 2024, a year-on-year increase of about 11.61%, despite a decrease in gross margin due to competitive pricing and raw material price fluctuations [3] Future Outlook - The company is expected to continue benefiting from the AI server and HPC-related PCB products, which are projected to grow rapidly in 2024 [3] - The company is also focusing on the development of next-generation GPU and XPU chip architecture products, indicating a strong growth trajectory in the PCB sector [3]

事件：公司披露2024年年报。2024年公司实现营收133.42亿元，同比增长49.26%；归母净利润25.87亿 元，同比增长71.05%；扣非后归母净利润为25.46亿元，同比增长80.80% AI相关需求推动PCB行业整体复苏，公司业绩再创新高。受益于全球头部云服务厂商增加资本开支积极 部署AI数据中心，AI服务器和高速网络设备为PCB市场增长提供关键动力，2024年全球PCB产值同比增 长5.8%至740亿美元。其中，18层以上多层板产值同比增长40.2%，HDI板产值同比增长18.8%。2024年 公司营收和归母净利润均取得大幅增长，再创新高。其中，Q4单季度营收为43.31亿元，同比增长 51.64%；归母净利润为7.39亿元，同比增长32.07%。在公司产品结构持续优化，高阶产品、新兴应用领 域产品营收占比提升的情况下，整体良品率保持相对稳定。 企业通讯板毛利率提升，AI驱动网络基础设施升级带动PCB产值增加2024年公司企业通讯板业务实现营 收100.93亿元，同比增长71.94%，毛利率同比提升4.09pcts至38.35%，2024年上半年，AI服务器和HPC 相关产品同比倍速成长；202 ...

2025 年 03 月 27 日 公司点评 | 总股本/流通(亿股) | 19.23/19.21 | | --- | --- | | 总市值/流通(亿元) | 653.29/652.87 | | 12 个月内最高/最低价 | 46.86/26.97 | | (元) | | 相关研究报告 <<高增长延续，产品结构持续优 化>>--2024-10-23 <<业绩持续超预期，5G 打开未来增长 天花板>>--2019-06-27 <<沪电股份深度报告：5G 时代的弄潮 儿>>--2019-06-17 买入/维持 沪电股份(002463) 昨收盘:33.98 沪电股份 24 年年度报告：AI 服务器及交换机 PCB 驱动业绩新高， 关注高端产能带来增量空间 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/26 24/6/6 24/8/17 24/10/28 25/1/8 25/3/21 ◼ 股票数据 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve significant revenue and profit growth in 2024, with total revenue projected at 13.342 billion yuan, a year-on-year increase of 49.26%, and net profit attributable to shareholders expected to reach 2.587 billion yuan, up 71.05% year-on-year [2] - The PCB business is a core highlight, with revenue anticipated to be 12.839 billion yuan, reflecting a 49.78% year-on-year growth, and an increase in gross margin to 35.85%, up approximately 3.56 percentage points year-on-year [2] - The enterprise communication market is benefiting from strong demand for AI and high-speed network infrastructure, with revenue expected to reach 10.093 billion yuan, a year-on-year increase of 71.94% [2] - The company is increasing its investment in innovative areas and expanding production capacity both domestically and internationally, demonstrating confidence in future growth [3] - The forecast for net profit for 2025-2027 has been adjusted upwards due to strong demand for related PCB products, with net profit expected to be 3.574 billion yuan in 2025, 4.519 billion yuan in 2026, and 5.398 billion yuan in 2027 [4] Financial Projections - Total revenue is projected to grow from 8.938 billion yuan in 2023 to 24.590 billion yuan in 2027, with a compound annual growth rate (CAGR) of 13.27% [1] - Net profit is expected to increase from 1.513 billion yuan in 2023 to 5.398 billion yuan in 2027, reflecting a CAGR of 19.45% [1] - The latest diluted EPS is forecasted to rise from 0.79 yuan in 2023 to 2.81 yuan in 2027 [1]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The demand for AI servers and switches has experienced explosive growth, significantly driving the company's revenue and profit in 2024 [2][4] - The company is positioned as a leader in AI PCB in China, benefiting from high-end product structures and strong pricing power [4] - The company's revenue from AI servers and HPC-related PCB products is expected to continue to grow rapidly, with a projected revenue of approximately 172.43 billion yuan in 2025 [8] Revenue and Profit Performance - In 2024, the company achieved total revenue of 133.42 billion yuan, a year-on-year increase of 49.26%, and a net profit of 25.87 billion yuan, up 71.05% year-on-year [1] - The company's PCB business generated approximately 128.39 billion yuan in revenue, with a year-on-year growth of 49.78% and a gross margin of about 35.85% [3] - The enterprise communication market segment accounted for 29.48% of revenue from AI servers and HPC-related PCB products, while high-speed network switches and related products made up 38.56% [2] Business Segment Analysis - The enterprise communication market segment reported revenue of 100.93 billion yuan, a year-on-year increase of 71.94%, with a gross margin of 38.35% [3] - The automotive segment generated revenue of 24.08 billion yuan, reflecting an 11.61% year-on-year increase, although its gross margin decreased by 1.20 percentage points to 24.45% [3] - The office and industrial equipment segment saw a revenue decline of 38.33% to 3.23 billion yuan, while the consumer electronics segment decreased by 28.40% to 0.15 billion yuan [3] Future Outlook - The company is expected to continue benefiting from the growth in AI-driven server and data storage demands, with production expansion projects aimed at alleviating capacity constraints [4][7] - The revenue forecast for 2025-2026 is adjusted to 172.43 billion yuan and 206.37 billion yuan, with expected EPS of 1.83 yuan and 2.24 yuan respectively [8][10]